LOOKING FOR LEGAL WAYS
TO REDUCE TAX?
New tax reduction strategies carefully explained and exhaustively researched every two weeks. Receive breaking news updates on tax law changes. Members only monthly AMA with TOTTB.tax.
WE PUBLISH TAX STRATEGIES FOR…
FEATURED CONTENT
To the Moon: Tax Saving Strategies for Meme Stocks
Think back to January 2021. A new President was sworn in; Twitter was obsessed with “Bean Dad,” and the term “Meme Stock” entered popular culture. A previously obscure subreddit called “Wall Street Bets” began making front page headlines. Average Americans took their “Stimmies” and invested them into unpopular companies, some on the verge of failure, and started making double digit percentage gains per day by pitting their collective holdings to short squeeze institutional investors. Companies that no analyst listed as a good buy, such as a retail video game store (retail is still a thing?), a movie theater chain (in the middle of a pandemic) and multiple cell phone companies (that don’t produce Apple or Android phones) all began to skyrocket overnight. As of this writing, GameStop Corp. ($GME) was up nearly 2000 percent in the last year. It’s likely while riding the adrenaline rollercoaster, most investors were not thinking about taxes. There are no taxes on the moon, but it’s not too late to plan for tax consequences here on Earth.
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CURRENT EDITION
Kovel: Attorney-Client Privilege for Tax Professionals
Twice in my four-decade career, two special agents from IRS Criminal Investigation (CI) entered my office armed with a search warrant, firearms at their side. In both cases, it started the same way.
Gone Phishing: Don’t Get Scammers Catch You!
Today’s criminals are using more than hooks and lines (more like huge trawling nets), and they are looking for small as well as really big fish. If you think your tax practice is too small to be a target, you’re wrong. And you probably know that. You are probably well aware of the phishing and smishing (using SMS/text messaging) attempts that try to gain access to your firm’s computers and/or computer network.
Data Security: Understanding Your Responsibilities
Are you aware of your responsibilities when it comes to securing data? Do you know what your software vendor is doing with your data—and, more importantly, your client’s data? Signing up for a new service or software is often done without any thought of the consequences to the data that you are legally required to protect. The average tax professional uses many different types of software and services when working with a client. Many tax pros are unaware that this often requires consent to be obtained prior to using their client’s information and that failure to do so can result in significant fines and even criminal penalties.
SIMPLIFIED TAX STRATEGIES &
PRACTICAL IMPLEMENTATION
Think Outside the Tax Box provides tax reduction strategies along with practical
implementation advice in order to reduce your clients’ federal tax bill with ease.
